General Electric earnings tumble

GE boss Jeff Immelt says the firm is delivering "solid" results

General Electric's earnings fell 47% to $2.9bn (£1.7bn) in the second quarter of 2009 from the same period last year, as the slowdown took its toll.

Revenues fell 17% to $39.1bn from the same quarter last year.

The company has been hit by falling revenues and profits at Capital Finance, its finance arm.

The conglomerate, seen as a barometer of US economic health, has interests ranging from the media to finance to heavy industry.

A 13% growth in profit at its energy infrastructure division was offset by an 80% drop at Capital Finance and a 41% fall at NBC Universal, the statement said.

"In a global economic environment that continues to remain challenging, GE delivered solid second-quarter business results," said Jeff Immelt, GE chairman and chief executive.

"We are executing through the recession by aggressively controlling costs and driving working capital improvements while continuing to invest for future growth."